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A-D  J3  R  E  S  S 


DBUTEBSD   BT 


A.    A.    LOW,    Esq., 


BE70BB   KBlCBSItS    Or    THB 


ffibamb^t  of  ©ommevc^, 


FIFTH    AVENUE    HOTEL,    NEW-YORK, 


OcTOBEB  8th,  1867. 


|[£fa-|orK: 

PRESS   OF   THB   CHAMBEB   OF   COMMERCE. 
1867. 


Jons  W.  Amebman.  Printer.  No.  47  Cedar-street.  New- York. 


AD  D  EE  S  S 


DEUVEBED    BT 


A.,     j^.     LO^V^,     Esq., 


BEFOBE    XEIIBEBS    OF    THE 


At  the  Fifth  Avexue  Hotel,  New-York,  October  8th,   1861 

Mr.  Presidext  : 

Gentlemen  and  friends  : — Since  accepting  your  polite  invitation  to 
meet  you,  it  has  troubled  me  somewhat  to  think  how  much  might 
be  expected  of  one  who  returns  from  a  voyage  round  the  world — 
and  how  much  more  interest  you  have  manifested  in  my  going  out 
and  coming  in,  than  is  due  to  the  motives  that  prompted  my 
journey,  or  to  the  manner  in  which  it  has  been  performed.  A 
consent  to  appear  before  you,  in  answer  to  such  a  call,  implies  a 
willingness  to  speak  and  a  trust  in  your  willingness  to  hear ;  and 
none  can  feel  more  than  I  do  the  want  of  the  observing  eye  and 
receptive  ear  of  the  traveller  who  returns  from  far  off  lands,  expect- 
ing to  edify  others.  If,  in  responding  to  the  cordiality  of  your 
greeting,  I  have  yielded  too  readily  to  my  own  desire  to  see  so 
many  friends  from  whom  I  have  been  so  long  separated,  charge  it 
to  my  weakness,  if  you  please  ;  or,  to  my  belief,  that  every  occasion 
which  brings  together  so  intelligent  a  body  of  men  as  I  see  before 
me,  may  be  made  profitable  to  all  present,  and  influential  for  good 
in  a  still  wider  circle. 

It  is  a  source  of  satisfaction  and  pleasure,  then,  to  find  myself 


surrounded  and  supported  by  gifted  gentlemen,  whom  it  is  al- 
ways profitable  to  hear  ;  whose  eloquent  voices  are  at  ready  com- 
mand. 

To  correct  misapprehension — to  moderate  expectation,  and  to 
satisfy  the  wish  of  any  who  would  be  informed  on  these  points,  let 
me  briefly  sketch  the  story  of  my  journey,  and  show  how  much 
time  was  spent  on  the  sea,  how  much  on  the  land,  and  how  much 
in  passing  from  place  to  place,  in  a  hurried  tour  of  five  months 
prior  to  my  landing  in  Sicily.  With  your  permission  I  Avill  speak 
in  the  plural  number — as  I  may  properly  do — for  my  wife  and  son 
were  my  companions  during  the  whole  journey ;  the  other  members 
of  my  family  meeting  us  in  Europe,  and  all  returning  home 
together. 

On  the  first  of  December  last,  we  embarked  in  the  "  Ocean 
Queen,"  Captain  Grey,  and  after  eight  days  passage,  landed  at 
Aspinwall  on  the  ninth.  There  we  spent  the  night,  being  hospitably 
entertained  by  Mr.  Parker,  Supei'intendent  of  the  Panama  Rail- 
Road  Company,  From  Aspinwall  to  Panama  we  were  five  hours, 
arriving  at  12  M.  Our  stay  in  this  ancient  city  was  short,  but  long 
enough  ;  and,  at  three  o'clock,  we  were  on  our  way  to  the  "  Golden 
Age,"  Captain  Lapidge,  which  sailed  at  six  P.  M.  of  the  tenth  for 
San  Francisco. 

After  touching  at  Acapulco  and  Manzanilla,  and  putting  into 
Monterey  because  of  bad  weather,  we  entered  the  "  Golden  Gate"  on 
Christmas  day ;  our  whole  voyage  from  New- York  thus  occupying 
twenty-four  days.  It  was  made  in  twenty  by  the  "  Henry  Chaun- 
cey"  and  "  Golden  City,"  with  the  passengers  for  the  "  Colorado," 
that  left  New-York  on  the  eleventh.  In  sailing  ten  days  earlier, 
we  had  hoped  for  an  opjoortunity  to  see  something  of  California — 
possibly  to  reach  "  the  great  trees,"  to  look  upon  one  or  more  of  its 
inland  towns  and  rich  valleys — and  to  obtain  a  glance  of  its 
auriferous  mountains.  But  all  access  to  the  interior  was  denied  us 
by  tlic  lieavy  rains  which  had  flooded  the  country — seven  inches  of 
water  falling  in  a  single  day  just  before  our  arrival.  We  had  time, 
however,  to  see  the  great  city  of  the  West,  with  its  doors  Avide  open 
to  tlie  vast  population  of  China  and  Japan ;  as,  on  the  Eastern  sea- 
board, our  own  are  to  tlie  teeming  millions  of  Europe. 

Conjecture  is  lost  in  the  attempt  to  estimate  the  effect  Chinese 
emigration  is  destined  to  exert  on  the  growth  of  this  flourishing 
State.  At  tlie  time  of  our  visit  a  more  just  and  liberal  sentiment 
obtained  than  had  previously  governed  legislative  action,  and  the 


Chinese  were  regarded  with  greater  favor  than  before.  As  gleaners 
in  the  gold  fields  which  our  own  people  had  deserted ;  as  agricul- 
turists and  horticulturists ;  as  handy  workmen  in  the  woollen  mills, 
and  as  laborers  on  the  great  line  of  rail-road  that  is  to  connect  the 
East  with  the  "West — to  the  number  of  twelve  or  fifteen  thousand — 
they  were  proving  their  value  and  importance  to  the  development 
of  the  country. 

With  such  an  abundant  supply  of  cheap  manual  labor  as  the 
Empires  of  the  East  can  pour  into  California,  what  a  boundless 
opportunity  is  opened  to  the  enterprising  people  of  that  vigorous 
State  to  advance  in  the  useful  arts — in  manufactures  of  cotton  as 
well  as  of  wool. 

I  do  not  propose  to  dwell  on  these  things,  or  upon  aught  that 
relates  to  the  present  or  future  of  California,  for  you  are  all  familiar 
with  the  rapid  strides  the  State  has  made,  or  have  access  to  better 
sources  of  information,  I  have  barely  alluded  to  one  element  of 
great  importance  to  the  industries  of  the  State,  because  the  success 
of  the  new  line  of  steamers  to  Japan  and  China  depends  largely  on 
the  passenger  traflic  referred  to,  and  it  was  because  of  the  interest 
I  have  felt  in  the  establishment  of  the  line  that  my  steps  were 
turned,  for  a  time,  from  home  and  kindred,  and  all  the  numerous 
cares  of  business  life.  To  witness  the  inauguration  of  mail  commtini- 
cation  with  the  East — to  take  passage  in  the  pioneer  ship — may  be 
fairly  stated  as  the  one  motive  that  led  and  combined  all  others  into 
a  firm  and  settled  purpose. 

On  the  last  day  of  the  year  1866,  a  grand  banquet  was  given  by 
the  citizens  of  San  Francisco,  at  the  Occidental  Hotel,  of  which  full 
particulars  were  published  in  the  papers  of  the  following  morning. 
Some  of  the  better  class  of  Chinese  merchants  were  invited  to  join 
in  the  celebi-ation,  and  speeches  were  pronounced  by  several  in  the 
English  language,  imparting  a  novel  and  interesting  feature  to  the 
occasion. 

These  men,  with  their  aptitude  for  business  and  inexpensive 
habits,  are  likely  to  prove  keen  competitors  for  the  opening  trade 
with  our  vigilant,  active  and  more  accomplished  brethren  of  the 
Pacific  coast. 

The  first  day  of  January  last,  at  noon,  was  the  time  appointed 
for  the  departure  of  the  "Colorado."  One  hundred  and  sixty 
thousand  dollars  in  gold  had  been  expended  in  strengthening  and 
equipping  her  for  the  new  voyage,  and  there  seemed  to  be  no  reason 
to  distrust  her  thorough  adaptation  to  it.     Punctually  to  the  minute 


her  fasts  were  cast  loose,  and,  gliding  from  the  Company's  newly 
constructed  pier,  seven  hundred  feet  in  length  and  one  hundred  and 
fifty  in  breadth,  the  noble  ship  left  her  dock,  followed  by  the  cheers 
of  thousands  who  had  assembled  to  witness  her  departure.  Passing 
rapidly  through  the  fleet,  amid  the  noise  of  cannon  reverberating 
from  shore  to  shore,  and  out  of  the  "  Golden  Gate,"  our  steamer 
bent  her  bows  gracefully  to  the  swell  of  the  sea,  and  commenced 
her  career  across  the  broad  Pacific,  Soon  the  "  Farralones"  were 
left  behind,  and  the  sun  went  serenely  down,  lighting  up  the  fleecy 
clouds  from  horizon  to  zenith  with  all  the  varied  colors  of  the  rain- 
bow, and  presenting  a  scene  of  glory  and  of  beauty  ever  to  be 
remembered  by  those  who  beheld  it.  It  seemed  to  be  an  omen  of 
success.  Five  thousand  two  hundred  and  fifty  miles  of  ocean  were 
to  be  traversed  ere  we  could  hope  to  see  land  or  friendly  sail ;  and 
a  rough  encounter  with  strong  westerly  gales  and  turbulent  seas 
was  not  long  to  be  delayed.  With  every  successive  trial,  (and  in 
latitude  29"  to  31®  north,  we  had  heavy  weather,)  the  sea-going 
qualities  of  our  steamer  gained  upon  the  confidence  of  all  on  board. 
On  the  morning  of  the  twenty-fourth  of  January,  (at  the  longitude 
of  180°  we  had  dropped  a  day,)  the  land  was  again  in  sight. 

Entering  the  Bay  of  Yedo,  Captain  Bradbury  steered  for 
the  anchorage  at  Yokohama,  with  all  the  confidence  of  an  expe- 
rienced pilot.  A  gun  from  the  United  States  steamer  "  Wyoming" 
announced  our  approach ;  and,  as  the  "  Colorado  "  passed  under  the 
stern  of  the  French  frigate  "  Guerriere,"  her  band  struck  up  "  Hail 
Columbia,"  a  salutation  as  unexpected  as  it  was  graceful.  The 
morning  of  our  advent  to  the  bay  was  wintry  cold,  and  our 
eyes  were  turned  with  surprise  to  a  native  boat  approaching  the 
ship  Avith  a  crew  of  a  dozen  men  plying  big  sculls,  with  their  bodies 
bared  to  the  waist.  Our  vessel  was  soon  surrounded  by  boats  from 
the  men  of  war  in  the  bay,  and  others  from  the  shore ;  and  she  con- 
tinued an  object  of  attraction  during  the  twenty-four  hours  she  re- 
mained in  port. 

From  Yokohama,  the  "  Colorado  "  went  directly  to  Hong  Kong, 
making  the  distance — sixteen  hundred  miles — with  a  fair  mon- 
soon, in  about  five  days. 

We  remained  in  Japan  three  weeks,  and  then  took  the  Penin- 
sula and  Oriental  steamer  "  Ganges,"  Captain  Berxhard,  for 
Shanghae ;  and  from  there,  after  three  days  stop,  the  P.  and  O. 
steamer  "Aden,"  Caj^tain  Andrews,  for  Hong  Kong — the  two  pas- 
sages occupying  four  and  three  days,  respectively.     A  montli  in  tlic 


south  of  China  completed  the  time  to  which  our  stay  in  the  East 
was  limited  ;  and  a  large  portion  of  this  was  occupied  with  matters 
of  personal  concern. 

On  the  morning  of  the  27th  of  March,  we  embarked  in  the  Messa- 
geries  Imperiale  steamer  "  Tigre,"  Captain  Boilbaf,  for  Suez,  with  a 
limited  number  of  passengers,  to  which  large  accessions  were  made, 
as  we  proceeded  on  our  voyage.  Our  first  stopping  place  was  Saigon, 
in  Cochin  China,  or  Anam,  about  fifty  miles  from  the  mouth  of  the 
"  Donai."  This  is  a  deep  and  tortuous  river,  reminding  me,  in  its 
numerous  windings,  of  the  "  Big  Muddy "  in  Southern  Illinois, 
which  was  described  by  a  Mississippi  boatman,  a  year  or  two  since, 
as  so  crooked,  that  after  sailing  upon  it  all  day,  the  traveller  had  to 
walk  but  one  hundred  yards  to  get  his  supper  where  he  breakfasted 
in  the  morning.  In  all  other  respects  the  resemblance  fails ;  for  the 
"  Tigre,"  drawing  twenty-one  feet  of  water,  in  making  the  turns,  was 
frequently  within  a  few  feet  of  the  shore,  without  touching  bottom. 
The  country  through  which  the  river  flows  is  generally  flat,  and 
covered  with  a  rich  tropical  growth  to  the  water's  edge.  Saigon 
is  a  naval  and  military  station,  commanding  the  various  provinces 
over  which  the  French  have  recently  acquired  control. 

A  million  of  piculs  of  rice  is  annually  sent  from  this  port  to 
China,  and  the  quantity  will  probably  be  much  larger  this  year. 
This  digression  cost  us  two  days,  and  the  voyage  thence  to  Singa- 
pore took  two  more.  There  we  remained  twenty-four  hours,  re- 
ceiving a  large  number  of  passengers  from  the  straits,  from  Siam 
and  from  the  Island  of  Java.  The  distance  from  Singapore  to 
Galle,  in  Ceylon,  is  about  the  same  as  that  from  Hong  Kong  to 
Singapore — 1,500  miles — and  it  was  made  in  just  five  days,  over  a 
perfectly  smooth  sea.  Here  the  connecting  steamer  from  Calcutta 
arrived  the  morning  after  we  anchored — completely  filling  all 
available  space  in  our  ship,  increasing  our  passenger  list  to  two 
himdred,  (of  whom  about  forty  were  children.)  At  this  point,  the 
detention  was  thirty-six  hours ;  and  here  we  received,  on  landing, 
letters  from  home,  and  a  telegram  bearing  date  the  first  of  April ! 
Our  arrival  was  announced  in  return,  and  the  dispatch  reached 
New-York  on  the  eighteenth  of  the  same  month.  The  route  through 
which  the  wires  is  passed  is  a  circuitous  one,  and  there  is  much  de- 
lay in  the  transmission  of  messages.  Weighing  anchor  on  the 
moniing  of  Aj^ril  11th,  the  "  Tigre"  steamed  away  for  Aden,  two 
thousand  and  fifty-two  miles  distant.  In  five  days  we  made  the 
Island  of  Socotra,  at  the  entrance  of  the  Straits  of  Bab-el  Mandeb, 


and,  passing  on,  two  days  later,  the  coaling  station  above  named. 
A  more  desolate,  sun-burned  place  is  rarely  met  witb :  its  barren, 
sandy  cliffs  repel  the  eye  that  would  gaze  on  them — refusing  sup* 
port  to  all  vegetable  life. 

A  run  of  five  days  took  us  to  Suez,  and  half  way  up  the  Red 
Sea  we  obtained  relief  for  the  first  time  from  the  great  heat  we 
experienced  throughout  the  tropical  region  traversed.  In  the  sum- 
mer and  early  autumn,  it  becomes  extremely  oppressive.  Horeb 
and  Sinai  were  passed,  in  full  view.  Tradition  has  marked  the  spot 
on  the  Egyptian  coast  where  the  Israelites  crossed;  and  this  was 
pointed  out  to  us.  At  Suez  our  attention  was  called  to  the  exten- 
sive docks  and  outworks  completed  and  in  course  of  construction 
at  the  mouth  of  the  Canal. 

At  this  point,  it  seems  to  me  proper  to  acknowledge  the  good 
oifices  of  our  Consul  General  at  Alexandria,  Mr.  Hale,  whose  fore- 
thought prompted  the  American  Consul  at  Suez  to  visit  us  while 
yet  on  board  shij),  attend  us  to  the  shore,  and  communicate  by 
telegraph  our  coming  to  the  hotel  at  Cairo.  There  was  much  delay 
in  landing  passengers  and  luggage,  and  the  train  did  not  move  till 
eight  o'clock,  P.  M.,  nor  reach  Cairo  till  two  in  the  morning,  whence 
it  proceeded  directly  on  to  Alexandria.  Refreshed  by  two  or  three 
hours  of  sleep,  my  own  party,  accompanied  by  an  English  gentle- 
man, from  Shanghae,  our  "  compagnon  de  voyage^"*  started  at  seven 
A.  ]NL,  for  the  Nile,  crossing  the  river,  with  Dragoman  and  donkeys, 
this  friend  had  secured  for  our  service ;  and,  after  riding  about  six 
miles,  ascended  the  pyramid  "  Cheops."  The  mid-day  sun,  return- 
ing, Avas  very  hot,  but  owing  to  the  freshness  and  purity  of  the 
breeze,  it  was  not  oppressive.  We  still  had  time  to  visit  the  citadel, 
and  look  down  upon  the  numerous  pinnacles  and  domes  of  this 
truly  Oriental  city. 

Leaving  Cairo  the  next  morning  by  train,  and  passing  over  the 
rich  valley  of  the  Nile,  whose  fields  of  ripe  grain  Avere  ripe  for  the 
sickle,  we  arrived  in  Alexandria,  too  late  to  partake  of  the  repast 
our  Consul  General  had  provided  for  us,  but  in  season  for  the  letters 
that  were  aAvaiting  us  at  the  station,  and  for  the  "  Said,"  that  was  to 
take  us  on  to  Messina.  In  another  hour  she  was  under  way,  and, 
at  the  end  of  tliree  days  we  Averc  landed  on  the  shores  of  Sicily. 
Two  more  Avould  have  taken  us  to  Marseilles.  Pending  the  depar- 
ture of  the  steamer  for  Naples,  a  pleasant  excursion  by  rail  to 
Catania,  Avhich  lies  at  the  foot  of  Mount  ^tna,  was  determined  on, 
iind  proved  quite  interesting. 


It  is  not  necessary  to  recite  the  steps  of  our  further  progress,  for, 
once  landed  in  Italy,  we  were  on  ground  that  is  familiar  to  all.  The 
unvarying  kindness  and  courtesy  that  attended  us  from  the  first, 
has  led  me  to  mention,  by  name,  the  worthy  gentlemen  in  command 
of  the  several  steamers  in  which  our  fortunes  were  cast ;  and,  in 
this  connection,  I  would  not  forget  Captain  Cook,  of  the  steamship 
"  Russia,"  which  brought  us  in  safety  and  comfort  to  the  home  and 
the  land  we  love. 

I  have  tried  your  patience  with  a  very  dry  statement,  because  I 
have  thought  it  might  be  useful  to  any  who  are  contemplating  what 
is  now  a  novel,  but  will  soon  become  a  common  tour ;  and  will  only 
add  that,  including  the  necessary  stops,  the  whole  distance  which 
occupied  us  ninety-eight  days,  may  be  performed,  when  the  Pacific 
Rail-Road  is  done,  with  favorable  monsoons,  in  seventy-five  days, 
or  less. 

It  Avould  not  be  possible,  within  the  limits  of  an  address  like  this, 
to  notice,  except  in  the  most  general  way,  the  places — not  to  speak 
of  empires  and  peoples — visited  in  so  hui-ried  a  manner.  Fortu- 
nately, the  photograph  of  the  ai'tist  and  the  "  pen  of  the  ready 
writer  "  have  left  little  to  be  desired  in  respect  to  the  remotest  coun- 
tries upon  which  my  eyes  have  for  a  brief  time  rested.  The  Mis- 
sionary and  the  scholar,  and  the  Foreign  Minister,  after  years  of 
study  and  closest  inquiry,  have  given  to  the  world  the  results  of 
their  literary  labors ;  and  it  is  not  for  me  to  attempt  to  throw  any 
light  on  themes  frequently  and  fully  treated. 

Upon  the  commercial  aspects  of  the  Oriental  world,  at  the  several 
points  to  which  I  have  conducted  you,  a  few  words  may  not  be  out 
of  place ;  and,  having  passed  in  a  zig-zag  way  over  three  great 
oceans  and  many  seas,  I  may  be  allowed,  in  what  I  have  to  say,  a 
little  latitude,  if  I  do  not  take  360°  of  longitude. 

Our  visit  to  Japan  was  ill-timed.  The  winter  was  far  advanced, 
and  the  rainy  season  had  set  in.  Earlier  or  later  on,  the  country 
would  have  presented  a  more  inviting  appearance. 

Two  months  before  our  arrival  Yokohama  had  been  devastated 
by  a  great  conflagration,  which  swept  away  two-thirds  of  the  native 
settlement  and  one-third  of  the  foreign.  The  loss  was  stated  at 
several  millions  of  dollars.  Nevertheless,  the  work  of  reconstruc- 
tion was  proceeding  vigorously  in  both  sections.  Fires  are  of  fre- 
quent occurrence,  owing  to  the  combustible  character  of  the  Japan- 
ese buildings.  During  our  stay  the  residence  of  the  British  Minis- 
ter was  burned  to  the  ground  in  ten  or  fifteen  minutes,  although 

2 


10 

situated  within  two  hundred  feet  of  the  waters  of  the  bay.  Many 
of  the  houses  are  built  without  chimneys,  and  ignite  from  the  stove 
pipes  carried  up  through  the  roof.  Experience  is  proving  that  there 
is  a  greater  risk  than  that  of  earthquakes,  and  will  dictate  a  change 
in  the  method  of  construction. 

The  Japanese  Government  has  made  liberal  concessions  of  land 
to  foreigners,  which  is  held  under  perpetual  lease  and  subject  to  a 
moderate  ground  rent.  At  the  period  of  our  arrival  the  foreign 
ministers  were  contemplating  a  visit  to  "  Osaca,"  by  invitation  of 
the  Taicoon,  to  arrange  for  the  opening  of  new  ports.  The  death 
of  the  "  jMikado "  caused  a  delay ;  but  the  meeting,  as  you  are 
aware,  has  since  taken  place,  with  satisfactory  results.  Thex-e  ap- 
peared to  be  a  good  deal  of  indifference,  if  not  positive  objection  to 
this  fulfillment  of  the  treaty  stipulation,  on  the  part  of  the  mer- 
chants of  Yokohama,  because  of  the  amount  of  money  invested  in 
houses,  "  go  downs,"  and  other  buildings  at  that  place. 

If  the  trade  was  to  be  divided  between  two  ports,  without  being 
materially  increased,  two  establishments  would  be  necessary  instead 
of  one,  and  without  a  corresponding  benefit. 

The  bay  of  Yedo  affords  excellent  anchorage  and  is  easily  ac- 
cessible, while  Hiogo,  on  the  inland  sea,  the  port  of  Osaca,  is  difiicult 
of  approach,  on  account  of  sti'ong  currents — whether  more  or  less 
exposed  I  am  unable  to  say.  The  necessity  of  sustaining  numerous 
branches  at  different  places  on  the  coast  of  China,  by  houses  origi- 
nally established  at  Canton,  has  contributed  directly  or  incident- 
ally to  the  commercial  disasters  which  have  occurred  during  late 
years,  and  similar  consequences  are  naturally  apprehended  in  Japan, 
if  the  trade  is  divided.  Transportation  by  coasting  vessels  between 
the  two  ports  is  very  cheap. 

The  New  Year  holidays  were  at  hand  when  we  arrived,  and 
much  of  the  time  during  our  stay  was  given  up  to  native  festivities. 
A  partial  failure  of  the  rice  crop  and  of  the  sugar  cane  was  causing 
a  somewhat  extensive  demand  for  both  stajiles,  increasing  trafiic 
with  China,  and  producing  an  important  change  in  the  value  of  the 
native  currency.  The  balance  of  trade  is  against  Japan;  and 
"  boos,"  the  coin  in  which  transactions  with  the  merchants  of  the 
interior  are  carried  on,  had  much  depreciated.  Consequently, 
foreign  officials  who,  by  courtesy  or  by  treaty,  had  enjoyed  the 
privilege  of  exchanging  Mexican  dollars  at  the  Mint,  at  the  rate  of 
311"  boos  "  for  one  hundred  dollars,  found  their  incomes  diminished, 
when,  in  the  open  market,  100  dollars  would  bring  320  to  330  in- 


11 

stead  of  220  to  250  "  boos,"  as  before.  If  generally  known  that 
this  source  of  profit  is  cut  off,  there  may  be  fewer  applications  for 
appointments  to  Japan  than  now. 

It  is  not  to  be  understood,  however,  that  the  change  referred  to 
was  effected  solely  by  the  extraordinary  demand  for  rice  and  sugar, 
or  by  this  and  the  added  cost  of  other  imports. 

The  Daimois  have  been  indulging  themselves  for  years  in  the 
purchase  of  steamers,  and  some  three  millions  of  dollars  were  in 
course  of  payment  by  the  government  in  adjustment  of  recent  dis- 
putes with  foreign  powers.  There  were  other  reasons,  which  need 
not  be  mentioned  here.  The  press  of  Yokohama  was  full  of  com- 
plaint that  extensive  contracts  had  been  entered  into  by  the  Tai- 
coon,  with  one  of  the  foreign  ministers,  for  saddles  and  clothing  for 
the  native  troops,  to  the  prejudice  of  the  merchant,  who  thus  lost 
a  market  for  his  goods.  And  it  may  not  be  amiss  to  say,  that  much 
fault  was  found  with  the  manner  in  which  an  order  sent  to  this 
country  several  years  ago,  for  one  or  more  ships  of  war,  was  exe- 
cuted ;  there  being  none  to  defend  our  good  name,  whether  justly 
or  unjustly  assailed.  It  was  understood  the  Japanese  Commission, 
then  on  the  point  of  leaving  for  the  United  States,  would  investi- 
gate the  facts. 

A  letter  just  received  per  "  Colorado"  says :  "  We,  American  re- 
sidents, were  all  made  very  glad  by  hearing  of  a  settlement  of  their 

claims  on  Mr, ,  in  a  manner  entirely  satisfactory."     Merchants 

are  naturally  jealous  if  ministers  supersede  them  in  transactions  of 
such  a  nature,  and  if  any  thing  goes  wrong  it  brings  reproach  on 
our  government  and  country. 

Silk  and  tea  are  the  principal  articles  of  export  from  Japan ;  fif- 
teen or  twenty  thousand  bales  of  the  one  going  to  France  and  Eng- 
land, and  six  or  seven  million  pounds  of  the  other  being  taken 
chiefly  to  our  own  country.  The  silk  will  most  naturally  find  its 
way  to  market  by  the  Messageries  Imperialis  and  Peninsular  and 
Oriental  lines  of  steamers. 

The  method  of  preparing  teas  for  shipment  in  Japan  differs  from  that 
of  China,  In  the  latter  country  it  is  fired  and  packed  by  the  native 
dealer.  While,  in  Japan,  the  uncolored  leaf  is  brought  to  the  ware- 
house of  the  foreign  merchant,  and,  under  his  supervision,  fired,  put  in 
boxes,  matted,  strapped  and  marked,  ready  to  go  on  board  ship.  Being 
entirely  free  from  dye,  it  preserves  remarkable  purity  and  delicacy 
of  flavor.     Extensive  premises  are  necessary  for  convenient  prepara- 


12 

tion  of  a  large  cargo.  In  the  first  instance,  Chinese  were  employed 
to  perform  the  work,  but  the  Japanese  are  becoming  expert  in  it. 

Others  must  tell  of  Yedo,  with  its  parks  and  palaces,  and 
thickly  clustered  millions — a  city  extending  twenty  or  twenty-five 
miles  in  one  direction  by  ten  or  fifteen  in  the  other. 

We  spent  three  days  there,  enjoying  the  generous  hospitality  of 
General  Yan  Valkenburgh,  whose  "  bungalow,"  a  dwelling  of  one 
story,  affords  shelter  to  all  visitors.  His  heart  is  warmer  than  his 
house  ;  a  sash,  covered  with  thin  paper,  for  the  admission  of  light, 
affording  the  only  means  of  excluding  the  cold  night  air.  In  the 
cities  of  the  East,  as  in  the  capitals  of  Europe,  our  "  Envoys  Ex- 
traordinary and  Ministers  Plenipotentiary "  are  left  to  shift  for 
themselves,  and  their  influence  abroad  is  impaired  by  the  little  re- 
gard manifested  for  their  well  being  by  those  in  authority  at  home, 
who  neglect  to  provide  establishments  becoming  the  representatives 
of  our  great  republic. 

Yedo  is  distant  some  eighteen  miles  from  Yokohama,  by  the 
grand  "  Tokaido,"  or  national  road  ;  and  over  this  we  were  driven 
in  a  wagonette,  by  one  Cornelius  George,  a  negro,  from  New- 
Haven,  who  keeps  a  livery  stable  at  Yokohama.  Cracking  his 
whij)  and  vociferating  in  Japanese,  "  clear  the  way,"  our  enterpris- 
ing black  man  "  was  the  observed  of  all  observers,"  as  we  subse- 
quently drove  around  the  Tycoon's  palace,  making  a  circuit  of  eight 
or  ten  miles. 

On  our  way  home,  the  district  was  pointed  out  where  a  fire  in 
December  had  destroyed  sixteen  thousand  buildings ;  and  Sin-a-ga- 
wa,  a  bad  suburb  of  the  city,  three  miles  in  length,  was  swept  clean 
the  day  after  we  passed  through  it  on  our  return.  It  is  computed 
that  a  space  equal  to  the  whole  of  Yedo  is  burned  over  every  seven 
years.  Substantial  "  fire  proofs,"  of  mud,  are  used  by  the  natives 
to  protect  their  valuables ;  their  houses,  costing  but  little,  are  inex- 
pensively furnished,  and  the  loss  is  not  as  great  as  at  first  might 
appear. 

But  it  is  time  to  leave  Japan — her  "  peerless  "  mountain  covered 
with  snow ;  her  beautiful  gardens  and  nicely  tilled  fields,  so  rudely 
trampled  down,  at  times,  by  the  hoof  of  the  "  Barbarian's  "  horse— 
and,  in  fancy,  to  bid  good-by  once  more  to  the  friends  that  wel- 
comed our  coming,  and  made  our  stay  so  pleasant. 

Our  voyage  to  China  was  a  rough  one.  Shanghae,  on  the  left 
bank  of  the  Woosung,  presents  an  imposing  front.  A  noble  prom- 
enade or  road  runs  the  whole  length  of  the  settlement,  affording 


u 

erery  facility  for  the  landing  and  shipment  of  goods.  Like  the 
"  Bund  "  at  Yokohama,  and  the  "  Bund  "  at  Hong  Kong,  it  compels 
£t  mortifying  contrast  with  the  dilapidated  wooden  cribs,  called 
piers,  in  the  City  of  New- York ;  and  yet,  all  these  places  have  been 
ceded  to  the  use  of  foreigners  since  the  date  of  my  residence  in 
China,  twenty-seven  years  ago.  Even  this  short  period  has  wit- 
nessed many  changes  in  the  fortunes  of  men  and  of  the  place. 

When  the  Taeping  rebellion  was  rife,  a  large  native  population 
surged  in  upon  Shanghae,  from  the  desolated  or  threatened  cities, 
advancing  rents  and  causing  wild  speculations  in  land.  With  the 
receding  wave,  hastily  constructed  houses  were  vacated,  a  general 
collapse  ensued,  and  e\'^ry  description  of  real  estate  felt  the  change, 
and  the  population  of  the  valley  of  the  Yangtse  is  supposed  to  have 
been  diminished,  since  the  breaking  out  of  the  rebellion,  some  twenty 
millions.  At  Hankow,  Kieu-Kiang,  and  other  inland  cities  on  the 
Yangtse-Kiang,  costly  buildings  were  erected  for  the  use  of  foreigners ; 
and  it  was  soon  found  that  great  economy  was  necessary,  if  com- 
petition was  to  be  maintained  with  the  close-calculating  Chinaman, 
and  all  this  property  declined  in  value.  Numerous  banks  had  been 
established,  (not,  be  it  observed,  under  our  National  Banking  Law,) 
and  some  of  these,  being  rashly  conducted,  fostered  injudicious 
operations  in  merchandise,  as  they  had  already  in  land,  and  disas- 
trous losses  were  the  result,  involving  merchant  and  banker  in  a 
common  ruin. 

These  events  culminated  in  a  period  of  great  mercantile  depres- 
sion, out  of  which  the  injudicious  operations  of  the  present  season 
in  silk  and  tea  are  not  likely  to  lift  a  community  that  has  commit- 
ted its  fortunes  to  chance  rather  than  to  sound  calculation. 

Speaking  thus,  I  do  not  mean  that  there  are  not  prudent,  saga- 
cious and  successful  houses  of  the  first  respectability,  and  of  various 
nationalities,  but  only  that  these  are  powerless  to  control  the  dispo- 
sition for  rash  adventure,  which  is  encouraged  in  the  East,  as  with 
us,  by  free  banking  facilities. 

The  American  firms  in  China  and  Japan  are  not  numerous ;  dis- 
ciplined by  an  unsympathizing  coldness  during  the  war,  these 
have  come  out  of  war's  trials,  renovated  in  spiiit,  respected  by 
their  peers,  and  with  unimpaired  credit. 

It  is,  perhaps,  worthy  of  inquiry,  Avhether  the  practice  of  betting, 
so  common  to  the  race-course,  does  not  tend  to  encourage  in  a  com- 
munity of  young  men,  a  spirit  of  gambling,  and  to  extend  this  spirit 
to  the  counting-room,  and  into  the  transactions  of  business.     If  so. 


14 

an  institution  greatly  prized  in  the  East  had  better  be  abolished, 
and  give  way  to  harmless  recreation  in  the  saddle  or  on  foot. 

Amid  all  the  signs  of  mercantile  prostration  that  surrounded  me 
in  China,  there  was,  at  least,  one  evidence  of  American  vitality  to 
arouse  a  feeling  of  pride  and  pleasure.  For. years  a  contest  had 
been  going  on  for  the  river  trade  to  Hankow  and  the  other  interior 
cities  below — a  route  of  more  than  seven  hundred  miles  in  length. 
Capacious  boats  of  American  build,  and  others  built  after  the  Ameri- 
can model,  were  run  by  English  and  American  houses ;  but,  at  last, 
the  business  proving  profitless,  all  had  been  sold  to  the  Steamship 
Navigation  Company,  and  the  control  rested  with  the  American 
house  at  its  head. 

Nine  steamers  are  employed,  six  of  which,  carrying  2,000  tons 
each,  are  at  present  sufficient  for  the  work. 

In  like  manner  the  navigation  of  the  river  from  Canton  to  Macao, 
and  from  Canton  to  Hong  Kong,  was  in  undisputed  possession  of 
our  countrymen. 

In  his  special  field  of  efibrt,  the  American  missionary  was  at 
work ;  and  I  was  gratified  to  learn  that  Dr.  Hepburn  had  in  the 
press  an  English,  Chinese  and  Japanese  dictionary,  the  result  of 
seven  years  of  labor,  and  that  throughout  he  had  not  lacked  en- 
couragement from  friends  possessed  of  means  and  the  disposition  to 
aid  him. 

It  is  to  this  body  of  self-denying  men — the  missionaries  of  Cliina 
and  Japan — that  our  country  is  indebted  for  its  linguists,  for  a 
former  minister  to  China,  and  for  our  present  Secretary  of  Legation 
at  Pekin. 

I  have  never  had  much  faith  in  the  conversion  of  the  Chinese  by 
the  promulgation  of  the  Christian  doctrine ;  but  the  command  that 
sends  them  forth  still  abides,  and  it  behooves  the  church  to  keep  its 
sleepless  sentinels  at  the  door  of  every  foreign  settlement  for  the 
sake  of  the  small  community,  if  not  of  the  large. 

Shanghae  is  the  great  mart  for  tlie  sale  of  British  goods ;  cotton 
yarns,  cotton  piece  goods,  woollen  and  other  wares,  to  the  value  of 
several  millions  sterling,  which  find  their  way  to  the  interior  by  the 
waters  of  the  Yangtse-Kiang.  Through  this  channel,  and  others 
along  the  coast,  three  hundred  millions  of  people  are  to  be  reached. 
With  her  sliips,  her  looms,  and  her  diversified  industry.  Great 
Britain  will  undertake  to  supply  the  wants  of  this  vast  population, 
and  the  thirty  millions  in  Japan,  and  tlie  three  hundred  millions  of 
India,  more  or  less,  now  and  for  all  time  to  come,  without  any  aid 


15 

from  the  United  States,  if  we  will  but  follow  the  disinterested 
counsel  of  our  great  commercial  rival ;  and,  on  the  same  easy  condi- 
tions, she  will,  perhaps,  undertake  our  own  market  also. 

Prior  to  our  domestic  war  we  were  competing  successfully  in 
drills  and  sheetings,  and  are  once  more  in  a  fair  way  to  regain  the 
market  for  these  heavy  fabrics. 

In  return  for  foreign  commodities,  Shanghae  exports  forty  to  fifty 
thousand  bales  of  raw  silk,  twenty  to  twenty-five  million  pounds 
of  green  tea,  and  fifty  million  pounds  of  black,  and  there  is  an 
important  coastwise  traffic. 

Nearly  one  hundred  shii:»s  and  steamers  were  at  anchor  abreast 
of  the  city,  and  the  number  was  less  than  usual. 

On  our  way  down  the  coast,  passing  Foo-Chow-Foo  and  Amoy, 
whence  about  seventy-five  million  pounds  of  black  tea  are  ex- 
ported annually,  we  arrived,  on  the  last  of  February,  at  Hong  Kong, 
or  "  Victoria,"  now  a  colonial  possession  of  Great  Britain.  This 
place  has  a  foreign  population  of  two  thousand  or  more,  and  of  Chi- 
nese, variously  estimated,  at  sixty  to  one  hundred  thousand.  Hun- 
dreds of  the  latter  were  seen  constantly  at  work  in  chain  gangs  on 
the  roads  and  thoroughfares,  with  the  brand  "  Victoria  Gaol"  on 
their  backs ;  and  the  people  of  Victoria  rejoice,  as  we  do  not,  in  per- 
fectly clean  streets. 

Built  on  the  hill-side,  the  houses  are  carried  by  means  of  terraces 
to  the  height  of  four  or  five  hundred  feet,  and  command  a  charming 
view  of  the  bay,  which  is  encircled  on  all  sides  with  lofty  hills, 
Victoria  Peak,  the  signal  station,  being  eighteen  hundred  feet  above 
the  level  of  the  sea.  At  Aberdeen,  on  the  south  shore,  si^acious 
stone  docks,  cut  out  of  the  solid  rock,  and  faced  with  granite,  ofler 
facilities  for  the  repair  of  ships  of  the  largest  size.  Native  mechan- 
ics are  employed  at  sixty  to  seventy  cents  per  day,  and  there  is 
no  reason  why  these  repairs  should  not  be  effected  very  cheaply. 

We  passed  a  week  at  Canton,  where  less  than  thirty  years  ago 
all  the  foreign  trade  was  transacted.  Here  great  changes  were 
noticed.  The  old  Hongs  are  in  ruins ;  every  vestige  of  the  foreign 
factories,  once  the  scene  of  so  much  commercial  activity,  has  disap- 
peared. The  French  and  English  flags  were  flying  over  Shaming, 
opposite  the  Macao  passage.  A  sea-wall  of  cut  granite,  half  a  mile 
in  length,  protected  the  face  of  this  new  settlement ;  and  a  stone 
church  stood  out,  an  interesting  feature  among  the  scattered  houses 
of  the  merchants.  Fine  walks  and  pretty  lawns  imparted  to  the 
whole  a  most  inviting  appearance.     Nevertheless,  a  movement  was 


16 

inaugurated  during  our  stay  by  a  few  Americans,  who  carry  the 
love  of  their  own  flag  to  the  ends  of  the  earth,  to  build  once  more 
on  the  old  site,  that  they  might  live  again  under  the  stars  and 
stripes.     This  work  is  now  in  progress. 

But  other  changes  have  taken  place.  The  gates  of  the  old  city, 
that  so  recently  denied  ingress  to  foreign  barbarians,  are  now  wide 
open,  and  "  Fan-qui"  and  native  enter  them  side  by  side.  The  tem- 
ples of  Canton  are  thronged  with  idolators,  but  the  christian  chapel 
is  near  by,  and  every  day  or  two  its  seats  are  filled  with  interested 
listeners,  who  seek  instruction,  it  is  to  be  hoped,  in  the  better  way. 
And,  ere  long,  a  noble  cathedral,  whose  foundations  are  already 
laid  in  the  heart  of  the  imperial  city,  will  stand,  with  columns  and 
arches  of  cut  stone,  an  imposing  monument  of  French  prowess  and 
of  the  Romish  faith. 

Of  the  Great  Exposition  at  Paris,  which  it  was  our  privilege  to 
visit,  you  have  heard  enough,  if,  perchance,  all  of  you  were  not 
there ;  and  I  will  neither  speak  of  that,  nor  of  other  topics  that  agi- 
tated the  public  mind  during  the  summer  months. 

There  are  matters  of  vital  concern  to  the  American  people,  in  re- 
gard to  which,  you  will,  perhajis,  permit  me  to  say  a  few  words. 

Returning  from  the  East,  frequent  ojDportunities  offered  for  an  in- 
terchange of  opinion  with  intelligent  men  from  all  quarters  of  the 
globe. 

None  were  ignorant  of  the  great  events  of  our  domestic  war, 
and  not  a  few  were  ready  to  admit  how  much  they  had  been  mis- 
taken in  regard  to  its  issue.  A  new  and  wide-spread  interest  has 
been  awakened  in  the  future  of  the  United  States.  Questions  are 
asked,  which  should  be  answered — not  by  the  politician  from  the 
stump — but  by  men  who  are  competent  to  give  an  answer  that  is 
worthy  of  respect  and  will  command  attention.  The  time  has  fully 
come  when  the  voices  of  the  wise  and  the  good,  if  such  we  have 
among  us,  should  be  heard  above  the  din  of  party,  proclaiming  just 
sentiments,  and  thiis  guiding  the  common  thoucrht. 

And  I  do  not  refer  now  to  reconstruction,  universal  suffrage, 
or  kindi'cd  measures ;  these  demand  the  consideration  of  statesmen. 
I  allude  more  particularly  to  the  financial  concerns  of  the  country, 
and  to  the  method  of  solving  problems  that  affect  the  national 
honor.  It  is  in  the  right  solution  of  these  that  Chambers  of  Com- 
merce and  Boards  of  Trade  are  mainly  interested ;  and  why  should 
they  not  speak  about  them  in  a  way  to  be  heard  and  heeded  ? 
Who  doubts  that  the  great  jjopular  heart  of  our  country  will  re- 


n 

spond  to  sound  views  of  finance  if  once  understood,  or  fears  that 
Congrces  will  fail  to  be  governed  by  the  popular  will  Avben  it  is 
fully  known  ?  Tlie  danger  is,  that  designing  men  will  make  the 
worse  appear  the  better  way,  and  that  the  judgment  of  the  fair 
minded  will  be  perplexed  by  the  varying  views,  honestly  or  dishon- 
estly promulgated. 

When  hundreds  of  millions  of  the  public  debt  have  been  trans- 
ferred fi'om  this  to  the  other  side,  and  capitalists  stand  ready  to 
take  hundreds  of  millions  more,  who  but  ourselves  are  the  sufferers, 
if  any  obscurity  is  left  as  to  the  medium  in  which  the  debt  is  finally 
to  be  paid,  whether  in  currency  or  gold  ?  The  question  so  fre- 
.quently  put  in  regard  to  this,  has  been  answered  by  our  honorable 
Secretary  of  the  Treasury  in  a  public  letter  that  reflects  the  public 
will,  and  by  every  act  of  his  administration  that  looks  towards  the 
resumption  of  specie  jiayments.  Congress  should  be  required,  to  do 
its  part  and  repair  an  omission  to  express  in  terms  what  is  imj)lied 
in  the  spirit  of  the  law,  and  accepted  by  our  own  jieople  as  an  un- 
alterable purpose.  But  were  it  at  once  determined  that  in  a  given 
time  specie  payments  shall  be  resumed,  whether  in  one,  two  or  three 
years,  the  business  of  the  country  would  be  regulated  accordingly, 
and  all  Congressional  action. 

Surely,  measures  that  were  justified  by  the  urgencies  of  war  will 
not  be  tolerated  now  that  peace  is  restored. 

Who  that  understands  and  deprecates  the  evils  of  a  depreciated 
currency,  would  perpetuate  and  enlarge  the  issue  of  legal  tender, 
or  increase  the  volume  of  circulating  notes  ?  Is  the  country  to  be 
seduced,  and  Congress  led  into  the  folly,  of  offering  promises  to 
pay,  without  interest,  for  any  jiortion  of  the  public  debt  that  now 
bears  interest  ? 

And  are  the  holders  of  national  bank  notes  to  be  cajoled  into  the 
belief  that  "legal  tender,"  when  its  character  has  been  vitiated,  by 
successive  and  excessive  issues,  is  to  be  desired  above  notes  secured 
by  government  bonds,  and  by  the  added  responsibility  of  stock- 
holders for  double  the  amount  of  their  stock  ? 

And  are  we  to  be  led  into  distrust  of  our  national  banking  sys- 
tem because  certain  institutions,  through  fraud  or  bad  management, 
or  a  general  decline  in  the  value  of  property,  have  become 
bankrupt  ?  Do  not  these  institutions  pay  for  the  privileges  they 
®"Joy  ;  '"^nd  are  they  not  needful  to  the  transaction  of  business  ? 
And  are  not  the  stockholders  justly  held   accountable  for  the  ca- 

3 


pacity  and  integrity  of  the  men  to  whom  they  entrust  tlie  charge  of 
their  moneyed  interests  ? 

Was  there  ever  a  time  in  the  liistoiy  of  our  own  country,  or  in 
the  history  of  any  country,  when  banks  did  not  fail  ?  Out  of  six- 
teen hundred,  spread  over  our  vast  domain,  unchecked  in  the  issue 
of  credits  by  the  necessity  of  redeeming  in  specie,  or  till  recently  by 
any  apprehension  whatever,  is  it  strange  that  some,  or  that  many 
should  fail  ?  Is  the  projjortion  as  large  as  in  India  and  China, 
where  a  moiety,  or  more  tlian  half,  of  all  that  were  established 
imder  the  "  limited  liability"  laws  of  England  within  a  -few  years, 
have  gone  by  the  board  ?  As  many  as  eight  or  nine  out  of  thirteen 
or  fourteen. 

Are  we  prepared  to  abandon  our  system  of  governmoiit  because 
corruption,  iniquity  and  crime  are  unrestrained  l)y  its  laAvs,  and  too 
often  go  unpunished  ? 

"When  questions  are  asked  abroad  as  to  the  ability  of  the  Ameri- 
can people  to  pay  principal  and  interest  of  the  public  debt,  and  as- 
to  their  willingness  to  bear  the  burden  of  taxation  that  is  upon 
them,  loyal  men  are  not  at  a  loss  for  an  answer. 

Turning  to  the  record,  they  show  what  was  done  before  the  war, 
and  Avhat  has  been  effected  since  :  that  the  last  of  the  old  debt  "was 
paid  before  it  came  due,  with  a  premium  of  twenty  j^er  cent.,  and 
that  two  hundred  and  tifty  millions  of  the  new  have  already  been 
extinguished ;  and  they  declare  that  all  things  are  possible  to  a 
republic  that  increases  thirty-five  per  cent,  in  population  every  ten 
years ;  that  if  the  burden  is  heavy  now,  it  will  be  growing  lighter 
with  every  recurring  day. 

And  they  are  enabled  to  ap2)eal  from  the  \cill  to  the  interest  of 
the  people,  proving  that  if  there  were  any  disposition  to  abandon  to- 
dishonor  what  has  been  saved  at  so  great  a  cost  of  life,  the  pecu- 
niary sacrifice  would  be  too  great.  For  it  is  Avell  understood  that 
the  savings  banks,  insurance  companies  and  other  moneyed  institu- 
tions of  the  country  have  a  large  portion  of  their  investments  in 
bondsof  the  United  States  Government,  and  that  the  hard  earnings 
of  the  laboring  classes  are  largely  embarked  in  all  of  these.  The 
savings  banks  of  Xew-York  State  alone  have  in  their  charge  upwards 
of  one  hundred  millions  of  dollars. 

If  it  be  asked  at  Avhat  time  the  country  Avill  be  likely  to  return  to 
specie  payments,  a  satisflictory  answer  is  not  so  readily  given  ;  and 
yet  those  who  have  watched  Avith  care  the  gi-adual  withdrawal  of 
k'lzal  tender  notes  and  the  steady  conversion  of  temporary  debt  into 


19 

5-20  bonds,  believe  that  it  need  not  be  much  dehayed.  When  the 
process  of  contraction  has  been  continued  a  little  longer,  and  it  is 
seen  that  the  floating  debt,  which  in  September,  1865,  was  one 
thousand  seven  hundred  and  fifteen  millions,  had  been  reduced  to 
eight  hundi'ed  and  thii'ty  millions  in  September,  1867, it  would  seem 
as  if  the  final  step  need  not  be  put  off  to  a  distant  day. 

Should  our  representatives  in  Congress,  at  its  next  session,  have 
the  courage  to  enact  that  five  or  ten  per  cent,  of  the  import  duties 
may  be  paid  in  "greenbacks,"  and  that  these  shall  be  cancelled 
forthwith,  the  difference  in  the  value  of  gold  and  of"  legal  tendei*" 
notes  will  gradually  disappear. 

It  is  not  to  be  disguised  that  the  most  trusting  and  hopeful  who 
would  uphold  the  character  of  our  people,  and  sustain  the  honor  of 
their  intent — whether  abroad  or  at  home — have  to  contend  against 
a  serious  difiiculty  when  the  columns  of  a  portion  of  the  public  press 
are  loaded  from  day  to  day  with  uni-easonable  complaint  of  men 
who  in  private  life  have  been  respected  and  honored ;  when  indi- 
viduals, filling  the  most  important  oflices  in  the  State,  are  subjected 
to  systematic,  unjust  and  indecent  attack.  The  character  of  the 
whole  people  is  thus  assailed  in  the  persons  of  its  representative 
men. 

A  few  words  on  one  other  topic  and  I  shall  have  done.  After 
making  the  circuit  of  the  world,  and  conversing  with  many  who 
are  interested  in  our  maritime  commerce,  the  contrast  of  its  past 
with  the  present  leads  the  mind  to  jjainful  contemplation  and  to 
gloomy  conclusions. 

The  carrying  trade  on  all  the  short  ocean  routes  has  passed  from 
the  sailing  Aessel  to  the  fleet  steamer ;  and  ships  have  been  driven 
to  the  more  distant  markets  in  such  numbers  as  to  reduce  the  rates 
of  freight  to  unremunerating  figures. 

Even  on  the  coast  of  China,  three-fourths  of  the  transport  trafiic 
is  done  by  steamers.  In  the  present  condition  of  our  currency,  and 
with  all  the  disabilities  resxilting  from  our  internal  and  external 
revenue  laws,  we  can  neither  build  nor  sail  ships  or  steamers  in  com- 
petition with  other  nations  that  command  cheap  labor  and  ma- 
terial, 

K  we  are  to  retain  our  skilled  mechanics  and  raise  up  sailors  for 
the  emergencies  of  war,  and  not  to  abandon  the  ocean  to  other 
nations,  one  of  three  things  seems  to  be  necessary,  viz. : 

1st.  The  taxes  on  material  which  enters  into  the  construction  of 


'20 

vessels  intended  for  the  foreign  trade  must  be  i-eturned  in  some  way 
so  as  to  reduce  the  cost ;  or, 

2d.  The  law  must  be  so  changed  as  to  permit  of  vessels  purchased 
abroad,  either  in  payment  of  duty  or  without  duty,  being  put  under 
the  American  flag  ;  or, 

3d.  Such  liberal  subsidies  must  be  allowed  as  will  encourage  the 
building  of  steamers  of  wood  or  of  iron,  as  may  seem  best — Avhat- 
everthe  disadvantages  under  which  the  war  has  placed  us. 

It  is  cheering  to  think  w^hat  a  magnificent  line  of  vessels — unsur- 
passed, if  equalled  in  all  the  w^orld — the  action  of  Congress  has 
called  into  being  on  the  Pacific  Ocean ;  and  how;^  insignificant  the 
subsidy.  I  cannot  doubt  it  were  wiser  and  better  to  devote  some 
of  the  millions  that  are  annually  paid  for  the  maintenance  of  our 
Navy,  in  ways  that  would  foster  commerce,  rather  than  give  so 
much  for  protection  where  there  is  so  little  to  preserve  and  so  little 
to  defend.  And  none  can  hold  in  higher  admiration  than  myself  the 
gallant  officers  of  our  navy,  or  dwell  Avith  greater  pride  upon  its 
glorious  achievements  in  the  past. 

Let  me  thank  you,  gentlemen,  once  more  for  all  your  kindness 
and  for  your  patient  attention. 


OCSB   LIBKAKY 


UC  SOUTHERN  REGIONAL  UBRARY  FACILITY 


A    000  611  005     0 


aN£'?c:,-*;Xv-L  t.  ki.it*» 


